What is plastic currency? What are its advantages? How to keep it safe from frauds?
These are some of the question we’ve tried and answered in the article below.
Introduction to plastic money:
Financial transactions are certainly a lot easier in the modern world with the help of plastic money i.e. credit cards and debit cards. It is also very important to make note of the fact that plastic money needs to be taken care off too.
Credit card theft and fraud is a very common thing these days. Simply swiping the card can cause you a lot of financial damage instantly. One needs to be very careful with the security aspect of plastic money. With great advantages come great risks too. Some of the many tips needed to securely store and use your credit and debit cards have been mentioned below.
What are the safety precautions associated with plastic money?
One has to be very careful with respect to credit card safety. There are many ways you can secure your plastic currency safely. I’ve done a thorough research and enlisted a few of the more important tips below.
- Signature: Always ensure to sign the back of your card. This helps enhance the security of the credit card user. Put your signature in permanent ink as soon as you get the card.
- Cut the old credit cards: This is a very simple and effective technique used by a lot of people for additional safety purposes. Cutting a credit/debit card diagonally into several bits reduces the risk of card duplication by frauds drastically.
- Contact Details: Keep all of your contact details up to date with the bank. If you don’t update your contact details then your new bank issues will be sent over to the incorrect address which is not safe at all.
- Keep your card close: When you’re out, perhaps fine dining with your family or something similar; never let your card go out of sight. It is always better to be careful in these cases.
- Small vendors: When purchasing something from a smaller vendor, always opt for using your credit card over your debit card. In case of duplication of the card, you can always update your bank on that prospect immediately. This reduces the risk of your personal bank account going empty.
- Passwords: That’s right. As ridiculous as it may sound, most passwords aren’t strong enough. You have to mix it up. Create passwords that are extremely hard to guess. Do not use words that are very common to you or perhaps very common a word in general. Use different characters too.
It is a well known fact that prevention is better than cure. So it is always better to stay safe beforehand. The above mentioned tips should be good enough to help you keep your plastic money away from fraudulent people or from fraudulent activities. Ensure to stay vigilant while transacting with your credit or debit cards too.